CAIRO – Despite two crunching financial crises, business in Dubai, especially its high-rise hotels and high-end boutiques, seems to be going as usual. "It slowed down a lot, especially in the first half of this year, but now it's coming back," Samir, an Egyptian who works in the Burberry outlet, told the Guardian on Thursday, December 3.
"Last three or four months, we're doing fine."
Last week, Dubai announced that its state flagship conglomerate, Dubai World, wanted a six-month standstill on 59 billion dollars in debt.
The move sent shockwaves across the world markets over fears of a debt default.
However, the emirate, which has become a global financial and business hub, was not much affected.
"This place disappears? You've got to be joking. Look around you," said a confident Samir.
Growing rapidly over the past decade, Dubai hosts 1.4 million people, 85 percent of them non-nationals mostly from the Indian sub-continent.
Derek, a British executive who came to Dubai in 1997, says the emirate has developed at a remarkable rate.
"Until 2001, early 2002, it was evolving," he recalls.
"After 9/11, a lot of the Arab money invested in Europe and the US started looking for a new home," added the British executive.
"I used to go with my wife on Fridays, our day off, to the Beach Club, down by Dubai Marina.
"On the way back, the skyline would always look different somehow. We used to joke: 'Did they build that one today, then?'"
The emirate boasts hundreds of five-star hotels and thousands of villas, owned by the likes of Michael Schumacher, David Beckham and Brad Pitt.
It also has the world's third-biggest port and fastest-growing airport.
Mild Impact
For Paul, who runs a mid-sized interior design company, business is still as usual.
"Personally, we've had plenty of inquiries coming in, there's a real feeling the market's picking up," he said.
"But all the interest is from sensible, long-term, existing investors, people who've been here for years."
Hadi, who runs jewelers store in a mall, admits that business was somehow affected, but not greatly.
"Up to £500, £600, no problem. Even £1,000 is OK," he asserted.
"What we've noticed is that people are not buying the really big items. It's the expensive stuff, the diamonds, they're not buying," Hadi explains.
"But it's not a big problem. There's been a recession happening everywhere. We're doing OK."
A financial firestorm swept the world in September 2008 after the demise of Lehman Brothers, one of the US’s Wall Street giants.
The crunch knocked down many major companies worldwide, causing mounting job losses, falling household wealth and forcing consumers to hold back on spending.
"I've got the utmost faith in the place," says Derek, the British executive.
"Even if it stops building now, it's a fantastic trade and business hub, and the playground for a lot of very wealthy people.
"It's safe, it's clean. It's a very new city that's still finding its way."
Source: IslamOnline
"Last three or four months, we're doing fine."
Last week, Dubai announced that its state flagship conglomerate, Dubai World, wanted a six-month standstill on 59 billion dollars in debt.
The move sent shockwaves across the world markets over fears of a debt default.
However, the emirate, which has become a global financial and business hub, was not much affected.
"This place disappears? You've got to be joking. Look around you," said a confident Samir.
Growing rapidly over the past decade, Dubai hosts 1.4 million people, 85 percent of them non-nationals mostly from the Indian sub-continent.
Derek, a British executive who came to Dubai in 1997, says the emirate has developed at a remarkable rate.
"Until 2001, early 2002, it was evolving," he recalls.
"After 9/11, a lot of the Arab money invested in Europe and the US started looking for a new home," added the British executive.
"I used to go with my wife on Fridays, our day off, to the Beach Club, down by Dubai Marina.
"On the way back, the skyline would always look different somehow. We used to joke: 'Did they build that one today, then?'"
The emirate boasts hundreds of five-star hotels and thousands of villas, owned by the likes of Michael Schumacher, David Beckham and Brad Pitt.
It also has the world's third-biggest port and fastest-growing airport.
Mild Impact
For Paul, who runs a mid-sized interior design company, business is still as usual.
"Personally, we've had plenty of inquiries coming in, there's a real feeling the market's picking up," he said.
"But all the interest is from sensible, long-term, existing investors, people who've been here for years."
Hadi, who runs jewelers store in a mall, admits that business was somehow affected, but not greatly.
"Up to £500, £600, no problem. Even £1,000 is OK," he asserted.
"What we've noticed is that people are not buying the really big items. It's the expensive stuff, the diamonds, they're not buying," Hadi explains.
"But it's not a big problem. There's been a recession happening everywhere. We're doing OK."
A financial firestorm swept the world in September 2008 after the demise of Lehman Brothers, one of the US’s Wall Street giants.
The crunch knocked down many major companies worldwide, causing mounting job losses, falling household wealth and forcing consumers to hold back on spending.
"I've got the utmost faith in the place," says Derek, the British executive.
"Even if it stops building now, it's a fantastic trade and business hub, and the playground for a lot of very wealthy people.
"It's safe, it's clean. It's a very new city that's still finding its way."
Source: IslamOnline
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